China Aoyuan Property to Suspend Overseas Acquisitions, Sell Canadian Project This Year
Dou Shicong
DATE:  Sep 12 2017
/ SOURCE:  Yicai
China Aoyuan Property to Suspend Overseas Acquisitions, Sell Canadian Project This Year China Aoyuan Property to Suspend Overseas Acquisitions, Sell Canadian Project This Year

(Yicai Global) Sept. 12 -- China Aoyuan Property Group Ltd. [HK:3883] is unlikely to acquire new overseas properties and will focus on existing projects, said Chen Jiayang, the firm's vice president.

 Though the company started to do business outside China in 2015 and has won a good market reputation.

Overseas projects now account for only 5 percent of its total sales, but that figure is set to reach 10 percent after all its existing foreign projects conclude, Chen said, Zhitongcaijing.com reported.

China Aoyuan Property, based in China's southeastern Guangdong province, has four sales projects and three reserve projects in Sydney, Australia. It also has two projects in Vancouver, Canada, including its Granville and Burnaby projects, which will be on sale later this year and in 2019, respectively.

China Aoyuan Property works with domestic banks in all overseas projects to leverage local capital. It raises money abroad and does not funnel funds out of China, Chen stressed.

The firm has also been developing its cultural and tourism business in recent years and will pump an added USD153.35 million (CNY1 billion) into this segment over the next two years, which its management hopes will generate USD1.53 billion in revenue in three years.

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Keywords:   China Aoyuan Property Group,Canada